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VASCO Data Security International announced that Value Added Distributor FVC has become VASCO’s first authorized training center and certified partner for “VACMAN Middleware” and “Identikey” in the Middle East. FVC distributes VASCO’s “DIGIPASS” technology, VACMAN authentication software, aXs GUARD and Identikey through its channel network enhancing the availability of VASCO’s authentication solutions across the Middle East, Northern Africa and Pakistan. As a certified partner, VASCO offers FVC the leverage to enhance its core offerings and strengthen their relationships with valued customers. The partnership allows VASCO to bring added value to their end-users through FVC’s market knowledge, expertise and ability to customize solutions and services. VASCO is a leading supplier of strong authentication and e-signature solutions and services specializing in Internet Security applications and transactions.

Credit card charge-offs for the nation’s three largest issuers, Chase, BofA and Citi jumped again in the third quarter, now approaching an average of 6.00%. BofA posted third quarter charge-offs of 6.40%, compared to 5.96% in the prior quarter and 4.67% one-year ago. However, BofA’s 44 basis point sequential increase in charge-offs was an improvement over the 77 basis point jump in the second quarter. Citi reported 3Q/08 charge-offs of 6.10%, compared to 5.72% in the prior quarter and 3.86% one-year ago for its Visa and MasterCard domestic programs. Citi’s 38 basis point sequential increase in charge-offs was also an improvement over the 79 basis point jump in the second quarter. Chase, the nation’s largest issuer, posted third quarter charge-offs of 5.00%, compared to 4.98% in the prior quarter and 3.64% one-year ago However, Chase’s two basis point sequential increase in charge-offs was far better than the 61 basis point jump in the previous quarter. For more details on third quarter credit card performance visit CardData ([www.carddata.com](http://www.carddata.com))

Meta Payment Systems has joined the PCI Security Standards Council as a new “Participating Organization”. As a Participating Organization, Meta Payment Systems will now have access to the latest payment card security standards from the Council, be able to provide feedback on the standards and become part of a growing community that now includes more than 500 organizations. In an era of increasingly sophisticated attacks on systems, adhering to the PCI DSS represents an entity’s best protection against data criminals. By joining as a Participating Organization, Meta Payment Systems is adding its voice to the process.

Prepaid processor eCommLink and OR-based stored value solution provider Virtual Automated Technologies have partnered and integrated platforms to offer prepaid solutions for the payroll and incentive markets. The first programs that eCommLink will process for VAT are prepaid payroll cards to enable businesses to offer direct deposit to their employees who do not have a traditional bank account Prepaid debit cards for multi-level marketing commission payments, payday loans, and consumer rebate and incentive programs will also be offered through this partnership.

INSIDE Contactless was recognized by contactless technology authority ACT Canada as winner of its “Lorne Boates Award”. The INSIDE MicroPass contactless platform was chosen by Canadian issuers and card manufacturers because it was fully certified, secure, and available in abundant quantities to meet aggressive time-to-market deadlines. Coupled with the platform’s proven performance in global markets, INSIDE MicroPass has emerged as the platform of choice for contactless payment in Canada. MicroPass platforms already power thousands of contactless consumer transactions in Canada’s grocery, restaurant, theater, gas stations, and retail outlets.

Wincor Nixdorf is to open a prestige new business support centre and help desk in Dartford with 200 staff to provide IT services to high-street retail names from Drake House, Crossways Business Park, Dartford. The company is relocating from its existing office, Jupiter House at Orbital Business Park in Dartford, as well as transferring operations and personnel from other regional business centres and taking on new staff.

Credit card outstandings for the three largest U.S. card issuers, Chase, BofA and Citi, grew by an average of 5.3% in the third quarter. The growth was led by Chase, posting a 7% gain over 3Q/07 to $159.3 billion. BofA was only up 1% to $183.4 billion, while Citi posted a 2.5% increase to $96.0 billion, according to CardData. The three largest issuers have a 53% collective market share in the U.S. market with $438.7 billion in end-of-period 3Q/08 outstandings. American Express will report third quarter results this afternoon. Visa will report third quarter financial results and second quarter card statistics next week. MasterCard is set to issue its full third quarter performance report the week of November 3rd. For the latest third quarter results visit CardData ([www.carddata.com](http://www.carddata.com)).

New research has found large disparities in checking overdraft fees across the country. The study by Chicago-based Moebs Services found that financial institutions in Miami charge an average fee of $30.26 per OD, while the average fee per overdrawn check in Washington D.C. is $28.15, and in Denver is $28.02. Banks and credit unions with less than $100 million in assets charged an average of $24.28 per overdrawn check; those with $100 million to $1 billion charged $26.74; financial institutions with more than $1 billion charged an average of $27.93; and banks with more than $20 billion in assets charged $33.43. Moebs also found that debit-card overdrafts are allowed by an average of 47.8% of banks and 57.9% of credit unions. The national average for debit card overdrafts is 52.7%. ATM overdrafts are allowed by an average of 33.5% of banks and 40.5% of credit unions. The national average for ATM overdrafts is 36.9%.

ICICI Bank and British Airways have partnered to launch American Express credit cards for Indian international travelers. The new “ICICI Bank British Airways American Express” credit cards offer up to 9 miles for every Rs. 100 spent on the card and a 5% discount on select flights charged to the card. The new co-branded card also offers a 25,000 mile bonus for cardholders who book and fly on British airways from India to the UK within the first three months of membership. There is also a bonus of up to 8,000 miles when the card is first used. The new program offers a “Classic” card for an annual fee of Rs. 3,500 or a “Premium” card for an annual fee of Rs. 7,000.

WAUSAU Financial Systems and First Data subsidiary REMITCO have entered into a new agreement that expands WFS’ proprietary software solutions into a full service offering for remittance processing. Under the agreement, WFS will provide multiple levels of service that allow organizations to choose end-to-end remittance processing or a more limited solution that can grow over time. The expanded solution can be used by a number of industries, including financial services, utilities and insurance companies. First Data will host the software environment, manage the service facilities, and provide the labor necessary to process the transactions. The agreement also calls for First Data to beta test new WFS product development and new releases and upgrades to the software. The WFS remittance solution supports nearly 4 billion transactions annually. REMITCO has used the WAUSAU Financial Systems software within its lockbox network for nearly five years.

eBay reported that PayPal posted $597 million in net revenue for the third quarter, an increase of 27% year-over-year, but flat sequentially. Net total payment volume for the quarter was $14.8 billion, an increase of 28% year-over-year. Global active registered accounts increased to 65.3 million, representing 19% year-over-year growth. During the third quarter, PayPal handled 214.5 million payments, a 2% increase over the prior quarter, and up 28% from 3Q/07. PayPal’s 3Q/08 transaction revenue rate remained at 3.89% from the prior quarter and 3.87% in the year ago quarter. The processing expense rate for the third quarter was 1.20%, compared to 1.23% from the prior quarter and 1.21% for 3Q/07. PayPal’s transaction loss rate inched up two basis points to 0.29%. For complete details on eBay/PayPal’s third quarter performance, visit CardData ([www.carddata.com](http://www.carddata.com)).

Capital One’s third quarter U.S. credit card profits of $340.4 million were down 45% year-on-year, but up slightly more than 1% from the second quarter. COF’s revenue margin rose 46 basis points year-on-year to 15.42%. Purchase volume in the U.S. declined slightly to $26.5 billion for 3Q/08, compared to $26.6 billion one-year ago and $26.7 billion for the prior quarter. Additionally, the number of U.S. card accounts declined by 500,000 since the prior quarter to 37.9 million, and are down three million, compared to one-year ago. U.S. managed card outstandings were $69.4 billion for 3Q/08 compared to $68.1 billion in the previous quarter and $66.7 billion for 3Q/07. The managed delinquency rate (30+ days) for U.S. credit cards was 4.20% for the third quarter, compared to 3.85% for 2Q/08 and 3.80% for the third quarter of 2007. The net charge-off rate for U.S. credit cards was 6.13% for the third quarter, compared to 6.26% for the second quarter and 3.85% one-year ago. Cap One says its U.S. Card business remains cautious on loan growth and continues to focus its marketing and originations on the parts of the U.S. Card market that the company believes provide the best combination of risk-adjusted returns and losses. For complete details on Capital One’s third quarter performance, visit CardData ([www.carddata.com](http://www.carddata.com)).

COF U.S. CARD NET INCOME 3Q/07: $626.8 million 4Q/07: $498.7 million 1Q/08: $491.2 million 2Q/08: $340.4 million 3Q/08: $345.0 million Source: CardData (www.carddata.com)